Franklin Templeton Investment Funds

Transcription

1 Valid as of 11 May 2012 PROSPECTUS Comprises the Singapore Prospectus registered on 25 November 2011, (as replaced by this Replacement Prospectus dated 11 May 2012) and the Luxembourg Prospectus dated April 2012 Franklin Templeton Investment s

2 FRANKLIN TEMPLETON INVESTMENT FUNDS INCORPORATED IN LUXEMBOURG Franklin Asian Flex Cap Franklin Biotechnology Discovery Franklin Euroland Core Franklin European Core Franklin European Dividend Franklin European Growth Franklin European Small-Mid Cap Growth Franklin Global Growth Franklin Global Real Estate Franklin Global Small-Mid Cap Growth Franklin Gold and Precious Metals Franklin High Yield Franklin Income Franklin India Franklin MENA Franklin Mutual Beacon Franklin Mutual Euroland Franklin Mutual European Franklin Mutual Global Discovery Franklin Natural Resources Franklin Real Return Franklin Strategic Income Franklin Technology Franklin Templeton Global Allocation (structured as a multi-manager fund) Franklin Templeton Global Equity Strategies Franklin Templeton Global amental Strategies Franklin Templeton Global Growth and Value Franklin Templeton Japan Franklin U.S. Dollar Liquid Reserve Franklin U.S. Equity Franklin U.S. Focus Franklin U.S. Government Franklin U.S. Low Duration Franklin U.S. Opportunities Franklin U.S. Small-Mid Cap Growth Franklin U.S. Total Return SINGAPORE PROSPECTUS Franklin World Perspectives (structured as a multi-manager fund) Templeton Asian Bond Templeton Asian Growth Templeton Asian Smaller Companies Templeton BRIC Templeton China Templeton Eastern Europe Templeton Emerging Markets Balanced Templeton Emerging Markets Bond Templeton Emerging Markets Templeton Emerging Markets Smaller Companies Templeton Euro Government Bond Templeton Euro High Yield Templeton Euro Liquid Reserve Templeton Euro Short-Term Money Market Templeton Euroland Templeton European Corporate Bond Templeton European Templeton European Total Return Templeton Frontier Markets Templeton Global (Euro) Templeton Global Aggregate Bond Templeton Global Balanced Templeton Global Bond (Euro) Templeton Global Bond Templeton Global Equity Income Templeton Global Templeton Global High Yield Templeton Global Income Templeton Global Smaller Companies Templeton Global Total Return Templeton Growth (Euro) Templeton Korea Templeton Latin America Templeton Thailand This Singapore Prospectus dated 11 May 2012 is a Replacement Prospectus lodged pursuant to section 298 of the Securities and Futures Act, Chapter 289 of Singapore, which replaces the previous Singapore Prospectus registered with the Monetary Authority of Singapore on 25 November This Singapore Prospectus incorporates and is not valid without the attached Luxembourg prospectus dated April 2012 for the Franklin Templeton Investment s (the Luxmbourg Prospectus ). The Franklin Templeton Investment s (the Company ) is constituted outside Singapore. The Company is an investment company with limited liability organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and is qualified as a société d investissement à capital variable. The Company, being the offeror of shares in the above funds, has appointed Templeton Asset Management Ltd as its agent for service of process and as the Singapore representative (whose details appear in the directory of this Singapore Prospectus). 1

3 CONTENTS Paragraph Page Important Information... 3 Directory The Company The s And Classes Management And Administration Other Parties Investment Objective, Focus And Approach Of The s s Included Under The Cpf Investment Scheme / Srs Scheme Fees And Charges Risk Factors Purchase Of Shares Sale Of Shares Switching Of Shares Obtaining Price Information Suspension Of Valuation, Issue, Sale And Switching Of Shares Performance Of The s Soft Commissions Conflicts Of Interest Reports Certain Singapore Tax Considerations Queries And Complaints Other Material Information...94 Appendix A Appendix B

4 IMPORTANT INFORMATION The collective investment schemes offered in this Singapore Prospectus, i.e., the Franklin Asian Flex Cap, Franklin Biotechnology Discovery, Franklin Euroland Core, Franklin European Core, Franklin European Dividend, Franklin European Growth, Franklin European Small-Mid Cap Growth, Franklin Global Growth, Franklin Global Real Estate, Franklin Global Small-Mid Cap Growth, Franklin Gold and Precious Metals, Franklin High Yield, Franklin Income, Franklin India, Franklin MENA, Franklin Mutual Beacon, Franklin Mutual Euroland, Franklin Mutual European, Franklin Mutual Global Discovery, Franklin Natural Resources, Franklin Real Return, Franklin Strategic Income, Franklin Technology, Franklin Templeton Global Allocation (structured as a multi-manager fund), Franklin Templeton Global Equity Strategies, Franklin Templeton Global amental Strategies, Franklin Templeton Global Growth and Value, Franklin Templeton Japan, Franklin U.S. Dollar Liquid Reserve, Franklin U.S. Equity, Franklin U.S. Focus, Franklin U.S. Government, Franklin U.S. Low Duration, Franklin U.S. Opportunities, Franklin U.S. Small-Mid Cap Growth, Franklin U.S. Total Return, Franklin World Perspectives (structured as a multi-manager fund), Templeton Asian Bond, Templeton Asian Growth, Templeton Asian Smaller Companies, Templeton BRIC, Templeton China, Templeton Eastern Europe, Templeton Emerging Markets Balanced, Templeton Emerging Markets Bond, Templeton Emerging Markets, Templeton Emerging Markets Smaller Companies, Templeton Euro Government Bond, Templeton Euro High Yield, Templeton Euro Liquid Reserve, Templeton Euro Short-Term Money Market, Templeton Euroland, Templeton European Corporate Bond, Templeton European, Templeton European Total Return, Templeton Frontier Markets, Templeton Global (Euro), Templeton Global Aggregate Bond, Templeton Global Balanced, Templeton Global Bond (Euro), Templeton Global Bond, Templeton Global Equity Income, Templeton Global, Templeton Global High Yield, Templeton Global Income, Templeton Global Smaller Companies, Templeton Global Total Return, Templeton Growth (Euro), Templeton Korea, Templeton Latin America and Templeton Thailand (together the s and each a ) are recognised schemes under the Securities and Futures Act, Chapter 289 of Singapore (the SFA ). A copy of this Singapore Prospectus has been lodged with and registered by the Monetary Authority of Singapore (the Authority ). The Authority assumes no responsibility for the contents of this Singapore Prospectus. The registration of this Singapore Prospectus by the Authority does not imply that the SFA or any other legal or regulatory requirements have been complied with. The Authority has not, in any way, considered the investment merits of the s. The date of registration of this Singapore Prospectus by the Authority is 25 November 2011 (which is replaced by this Replacement Prospectus dated 11 May 2012). This Singapore Prospectus will be valid for a period of 12 months after the date of registration (i.e. up to and including 24 November 2012) and shall expire on 25 November This Singapore Prospectus relating to the s incorporates and is not valid without the Luxembourg Prospectus. Unless the context otherwise requires, terms defined in the Luxembourg Prospectus shall have the same meaning when used in this Singapore Prospectus except where specifically provided for in this Singapore Prospectus. This Singapore Prospectus may contain information which only applies to, or is relevant to, investors in Singapore and in the event of any inconsistency in the provisions between this Singapore Prospectus and the Luxembourg Prospectus, the provisions in this Singapore Prospectus shall prevail. Separate Share Classes ( Classes and each a Class ) are issued in relation to each. Only the Share Classes of the s listed in Paragraph 2 of this Singapore Prospectus are offered in this Singapore Prospectus. The other funds (if any) of the Company and other Share Classes of the s referred to in the Luxembourg Prospectus which are not listed in Paragraph 2 are currently not available for retail offer in Singapore. The directors of the Company (the Directors ) are responsible for the information contained in this Singapore Prospectus. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this Singapore Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. The Directors accept responsibility accordingly. This Singapore Prospectus does not constitute an offer to anyone or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so. The distribution of this Singapore Prospectus and the offering of the shares of the s (the Shares ) may be restricted in certain other jurisdictions and to certain persons. It is the responsibility of any persons wishing to make application for Shares pursuant to this Singapore Prospectus to inform themselves of and to observe all applicable laws and regulations 3

5 of any relevant jurisdictions. Prospective subscribers for Shares should make themselves aware of the legal requirements with respect to such application and of any applicable taxes in the countries of their respective citizenship, residence or domicile. Statements made in the attached Luxembourg Prospectus are based on the laws and practice currently in force in the Grand Duchy of Luxembourg and are subject to changes in those laws and practice. The Company s constitution is set out in the Company s articles (the Articles ). All Investors of the s are entitled to the benefit of, are bound by and are deemed to have notice of, the provisions of the Articles, copies of which are available for inspection by investors, free of charge, from the office of the Singapore Representative at 7 Temasek Boulevard, #38-03, Suntec Tower One, Singapore during normal Singapore business hours. An investment in any carries with it a degree of risk. The value of Shares and the income from them, if any, may go down as well as up, and investors may not get back the amount invested. Investors should consider the risk factors set out in Paragraph 8 of this Singapore Prospectus and under the heading RISK CONSIDERATIONS in the Luxembourg Prospectus. The s may invest in financial derivative instruments for the purposes of hedging and/or efficient portfolio management. Some s may also invest in financial derivative instruments as part of their portfolio as described in their investment objective and policies. If a intends to engage in transactions involving the use of financial derivative instruments as part of its investment strategy, rather than on an occasional basis, this will be described in its investment objective and policies. All derivative investments will be made in accordance with APPENDIX B - INVESTMENT RESTRICTIONS in the Luxembourg Prospectus. Investors may wish to consult their independent financial adviser about the suitability of the s for their investment needs. All enquiries in relation to the s should be directed to the Singapore Representative at: 7 Temasek Boulevard #38-03 Suntec Tower One Singapore Telephone : (65) Fax : (65) query@franklintempleton.com.sg IMPORTANT: PLEASE READ AND RETAIN THIS SINGAPORE PROSPECTUS FOR FUTURE REFERENCE 4

6 DIRECTORY Franklin Templeton Investment s Registered Office: 26, boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg Board of Directors The Honorable Nicholas F. Brady Duke of Abercorn KG Vijay C. Advani Richard H. Frank Mark G. Holowesko James J.K. Hung Gregory E. Johnson Geoffrey A. Langlands Gregory E. McGowan Dr. J. B. Mark Mobius David E. Smart The Honourable Trevor G. Trefgarne Investment Managers / Sub-Advisors (please refer to Paragraph 3.2 of this Singapore Prospectus for the list of s which each Investment Manager and Sub-Advisor is managing) Franklin Templeton Investment Management Limited 5 Morrison Street Edinburgh EH3 8BH, Scotland, UK Templeton Asset Management Ltd 7 Temasek Boulevard #38-03 Suntec Tower One Singapore Franklin Advisers, Inc. One Franklin Parkway San Mateo, CA USA Franklin Mutual Advisers, LLC 101 John F. Kennedy Parkway Short Hills, NJ USA Franklin Templeton Institutional, LLC 600 Fifth Avenue New York, NY USA Franklin Templeton Asset Management (India) Private Limited Wochardt Tower, Level 4 Bandra Kurla Complex Bandra - East Mumbai India 5

7 Franklin Templeton Investments Japan Limited Kanematsu Building, 6 th Floor 14-1, Kyobashi 2 - chome Chuo-Ku, Tokyo Japan Franklin Templeton Investments Corp. 200 King Street West, Suite 1500, Toronto, Ontario M5H 3T4 Canada Franklin Templeton Investments Australia Limited Level 25, 360 Collins Street Melbourne Victoria 3000 Australia Templeton Global Advisors Limited P.O. Box N-7759 Lyford Cay Nassau Bahamas Custodian J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6 route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Registrar and Transfer, Corporate, Domiciliary and Administrative Agent Franklin Templeton International Services S.A. 26, boulevard Royal L-2449 Luxembourg Grand Duchy of Luxembourg Auditors PricewaterhouseCoopers Sàrl 400, route d Esch B.P L-1014 Luxembourg Grand Duchy of Luxembourg Agent for Service of Process in Singapore and Singapore Representative Templeton Asset Management Ltd 7 Temasek Boulevard #38-03 Suntec Tower One Singapore Tel: (65) Fax: (65) query@franklintempleton.com.sg Legal Advisers as to Singapore Law Chan & Goh LLP 50 Craig Road #03-01 Singapore

8 1. the Company The Company, Franklin Templeton Investment s, is an investment company with limited liability organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and is qualified as a société d investissement à capital variable. It is structured as an umbrella fund. More details on the Company can be found in APPENDIX C ADDITIONAL INFORMATION of the Luxembourg Prospectus. 2. the s and Classes Separate Share Classes are issued in relation to the s. The Company is currently offering to investors in Singapore the following Share Classes in the s:- Equity s No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 1. Franklin Asian Flex Cap A (acc) A (ydis) SGD A (acc) SGD B (acc) I (acc) N (acc) 2. Franklin Biotechnology Discovery A (acc) B (acc) SGD A (acc) SGD C (acc) I (acc) N (acc) 3. Franklin Euroland Core A (acc) I (acc) A (acc) I (acc) N (acc) 4. Franklin European Core A (acc) A (ydis) I (acc) 5. Franklin European Dividend A (acc) A (ydis) I (acc) 6. Franklin European Growth A (acc) I (acc) GBP A (ydis) GBP N (acc) 7. Franklin European Small-Mid Cap Growth A (acc) I (acc) N (acc) GBP A (acc) I (acc) A (ydis) GBP 8. Franklin Global Growth A (acc) I (acc) N (acc) SGD A (acc) SGD A (acc) I (acc) N (acc) A (acc) -H1 I (acc) -H1 GBP A (acc) GBP 7

9 No. Franklin Templeton Investment s 9. Franklin Global Real Estate 10. Franklin Global Small- Mid Cap Growth 11. Franklin Gold and Precious Metals Base currency Classes A (acc) A (qdis) B (qdis) C (qdis) I (acc) N (acc) N (qdis) A (acc) B (acc) I (acc) N (acc) A (acc) I (acc) I (ydis) N (acc) 12. Franklin India A (acc) B (acc) C (acc) I (acc) N (acc) 13. Franklin MENA A (acc) A (ydis) B (acc) I (acc) I (ydis) N (acc) 14. Franklin Mutual Beacon 15. Franklin Mutual Euroland A (acc) A (ydis) B (acc) C (acc) I (acc) N (acc) Z (acc) A (acc) N (acc) Alternative currencies SGD Classes in alternative currencies A (qdis) SGD Hedged Classes A (acc) -H1 A (ydis) -H1 N (acc) -H1 SGD HKD CHF GBP SGD HKD GBP SGD A (acc) A (ydis) N (acc) A (acc) SGD A (acc) HKD A (acc) A (ydis) I (acc) I (ydis) N (acc) A (ydis) GBP A (acc) SGD A (acc) HKD A (acc) I (acc) A (ydis) GBP A (acc) I (acc) N (acc) A (acc) SGD A (acc) -H1 A (ydis) -H1 A (acc) CHF-H1 A (acc) -H1 N (acc) -H1 A (acc) -H1 I (acc) -H1 N (acc) -H1 8

10 No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 16. Franklin Mutual European A (acc) A (ydis) A (acc) B (acc) B (ydis) C (acc) C (acc) N (acc) I (acc) Z (acc) I (ydis) N (acc) GBP A (ydis) GBP SGD A (acc) SGD CHF A (acc) CHF-H1 17. Franklin Mutual Global Discovery A (acc) B (acc) C (acc) I (acc) N (acc) Z (acc) GBP A (acc) A (ydis) I (acc) N (acc) A (ydis) GBP A (acc) -H2 I (acc) -H2 N (acc) -H2 CHF A (acc) CHF-H1 18. Franklin Natural Resources A (acc) A (ydis) A (acc) I (acc) B (acc) N (acc) C (acc) I (acc) 19. Franklin Technology A (acc) B (acc) A (acc) I (acc) C (acc) N (acc) N (acc) 20. Franklin Templeton Global Equity Strategies A (acc) A (ydis) A (acc) A (ydis) A (acc) -H1 21. Franklin Templeton Global Growth and Value A (acc) B (acc) C (acc) SGD X (acc) SGD I (acc) N (acc) 9

11 No. Franklin Templeton Investment s 22. Franklin Templeton Japan Base currency Classes Alternative currencies Classes in alternative currencies JPY A (acc) JPY A (acc) A (ydis) I (acc) N (acc) A (acc) B (acc) C (acc) I (acc) N (acc) GBP A (ydis) GBP Hedged Classes SGD A (acc) SGD 23. Franklin U.S. Equity A (acc) B (acc) C (acc) I (acc) A (acc) I (acc) N (acc) A (acc) -H1 I (acc) -H1 N (acc) SGD A (acc) SGD HKD A (acc) HKD 24. Franklin U.S. Focus A (acc) I (acc) A (acc) -H1 I (acc) -H1 N (acc) -H1 25. Franklin U.S. Opportunities A (acc) B (acc) C (acc) I (acc) A (acc) A (ydis) I (acc) N (acc) A (acc) -H1 I (acc) -H1 N (acc) Z (acc) GBP A (ydis) GBP SGD A (acc) SGD A (acc) SGD-H1 CHF A (acc) CHF-H1 HKD A (acc) HKD 26. Franklin U.S. Small-Mid Cap Growth A (acc) B (acc) C (acc) I (acc) N (acc) 27. Franklin World Perspectives (structured as a multimanager fund) A (acc) I (acc) N (acc) GBP A (acc) I (acc) A (ydis) GBP 10

12 No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 28. Templeton Asian Growth A (acc) A (ydis) B (acc) C (acc) I (acc) N (acc) Z (acc) A (acc) A (ydis) I (acc) N (acc) A (acc) -H1 I (acc) -H1 I (ydis) -H2 N (acc) -H1 Z (ydis) -H1 GBP A (ydis) GBP SGD A (acc) SGD X (acc) SGD A (acc) SGD-H1 CHF A (acc) CHF-H1 I (acc) CHF-H1 HKD A (acc) HKD 29. Templeton Asian Smaller Companies A (acc) A (ydis) B (acc) I (acc) GBP A (acc) I (acc) A (ydis) GBP SGD A (acc) SGD 30. Templeton BRIC A (acc) B (acc) A (acc) A (ydis) A (acc) -H1 C (acc) I (acc) I (acc) N (acc) N (acc) Z (acc) GBP SGD A (ydis) GBP A (acc) SGD HKD A (acc) HKD 31. Templeton China A (acc) A (ydis) B (acc) C (acc) I (acc) GBP SGD A (ydis) GBP A (acc) SGD N (acc) HKD A (acc) HKD 32. Templeton Eastern Europe A (acc) A (ydis) B (ydis) C (acc) I (acc) N (acc) X (acc) GBP SGD A (ydis) GBP A (acc) B (acc) C (acc) Z (acc) A (acc) SGD 11

13 No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 33. Templeton Emerging Markets A (acc) A (ydis) N (acc) B (acc) C (acc) I (acc) SGD A (acc) SGD N (acc) HKD A (acc) HKD 34. Templeton Emerging Markets Smaller Companies A (acc) A (ydis) C (acc) A (acc) I (acc) I (acc) N (acc) GBP A (ydis) GBP 35. Templeton Euroland A (acc) A (ydis) B (acc) B (ydis) I (acc) N (acc) 36. Templeton European A (acc) I (acc) A (acc) A (ydis) N (acc) SGD A (acc) SGD 37. Templeton Frontier Markets A (acc) A (ydis) B (acc) C (acc) I (acc) X (acc) GBP A (acc) I (acc) N (acc) A (ydis) GBP A (acc) -H1 N (acc) -H1 Z (ydis) -H1 I (ydis) GBP SGD A (acc) SGD 38. Templeton Global (Euro) A (acc) A (ydis) I (acc) -H2 I (acc) N (acc) B (acc) 39. Templeton Global Equity Income A (acc) A (qdis) B (qdis) SGD A (acc) A (qdis) SGD 40. Templeton Global A (acc) A (ydis) B (acc) C (acc) I (acc) N (acc) SGD HKD A (acc) SGD A (acc) HKD 12

14 No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 41. Templeton Global Smaller Companies A (acc) A (ydis) C (acc) B (acc) I (acc) SGD A (acc) SGD N (acc) 42. Templeton Growth (Euro) A (acc) A (ydis) A (acc) A (ydis) B (ydis) I (ydis) I (acc) I (ydis) N (acc) 43. Templeton Korea A (acc) C (acc) I (acc) N (acc) 44. Templeton Latin America A (acc) A (ydis) B (acc) C (acc) I (acc) N (acc) Z (acc) SGD A (acc) SGD A (ydis) I (ydis) -H2 GBP SGD A (ydis) GBP A (acc) SGD 45. Templeton Thailand A (acc) B (acc) SGD A (acc) SGD I (acc) N (acc) Balanced/Mixed Assets s No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 1. Franklin Income A (mdis) B (mdis) SGD A (mdis) SGD - H1 C (acc) C (mdis) I (acc) N (acc) Z (acc) 13

15 No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 2. Franklin Templeton Global Allocation (structured as a multimanager fund) A (acc) I (acc) Z (acc) A (acc) A (ydis) I (acc) A (acc) -H1 A (ydis) -H1 I (acc) -H1 I (ydis) -H1 GBP A (qdis) GBP 3. Franklin Templeton Global amental Strategies A (acc) A (ydis) A (acc) A (ydis) I (acc) A (acc) -H1 N (acc) -H1 4. Templeton Emerging Markets Balanced A (acc) A (qdis) I (acc) X (acc) Z (acc) A (acc) A (ydis) I (acc) A (acc) -H1 A (ydis) -H1 I (acc) -H1 I (ydis) -H1 GBP A (qdis) GBP A (qdis) GBP-H1 SGD A (qdis) SGD-H1 5. Templeton Global Balanced A (acc) A (qdis) B (acc) C (qdis) SGD A (acc) N (acc) A (acc) SGD A (acc) -H1 N (acc) -H1 I (ydis) * 6. Templeton Global Income A (acc) A (qdis) B (qdis) C (qdis) SGD HKD A (acc) A (qdis) SGD A (acc) HKD A (qdis) HKD I (acc) N (acc) Z (acc) 14

16 Fixed Income s No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 1. Franklin High Yield 2. Franklin Real Return 3. Franklin Strategic Income 4. Franklin U.S. Government 5. Franklin U.S. Low Duration A (acc) A (mdis) B (mdis) C (acc) I (mdis) I (acc) N (acc) SGD A (mdis) SGD-H1 A (acc) A (ydis) -H1 A (acc) A (acc) A (mdis) A (mdis) B (mdis) C (mdis) I (acc) Z (acc) A (acc) A (mdis) AX (acc) B (acc) B (mdis) C (acc) I (acc) I (mdis) N (acc) N (mdis) Z (acc) A (mdis) AX (acc) B (acc) B (mdis) C (mdis) I (acc) N (mdis) SGD HKD A (acc) HKD A (mdis) HKD A (mdis) SGD-H1 I (acc) -H1 15

17 No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 6. Franklin U.S. Total Return A (acc) A (mdis) B (acc) C (mdis) I (acc) I (mdis) N (mdis) 7. Templeton Asian Bond A (acc) A (mdis) B (mdis) C (mdis) A (acc) A (mdis) I (acc) I (mdis) A (acc) -H1 I (acc) -H1 I (acc) N (acc) N (mdis) N (acc) SGD A (mdis) SGD A (mdis) SGD-H1 Z (acc) CHF A (acc) CHF-H1 I (acc) CHF-H1 8. Templeton Emerging Markets Bond A (acc) A (qdis) A (mdis) B (qdis) B (mdis) A (qdis) A (acc) -H1 * A (ydis) -H1 I (acc) -H1 9. Templeton Euro Government Bond C (acc) I (acc) I (qdis) N (acc) Z (acc) A (ydis) I (acc) I (ydis) -H1 * GBP A (qdis) GBP I (qdis) GBP-H1 CHF A (acc) CHF-H1 HKD A (mdis) HKD N (acc) 10. Templeton Euro High Yield A (acc) A (ydis) A (mdis) B (mdis) A (mdis) B (mdis) I (acc) I (ydis) N (acc) 16

18 No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 11. Templeton European Corporate Bond A (acc) A (ydis) I (acc) I (ydis) N (acc) N (ydis) 12. Templeton European Total Return A (acc) A (mdis) A (mdis) A (ydis) I (acc) N (acc) N (mdis) 13. Templeton Global Aggregate Bond A (acc) A (mdis) I (acc) N (acc) A (acc) A (mdis) I (acc) N (acc) A (acc) -H1 A (ydis) -H1 I (acc) -H1 I (qdis) -H1 N (acc) -H1 GBP A (qdis) GBP-H1 I (qdis) GBP-H1 14. Templeton Global Bond (Euro) A (acc) A (ydis) CHF I (acc) CHF-H1 I (acc) N (acc) 17

19 No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 15. Templeton Global Bond A (acc) A (mdis) AX (acc) B (mdis) C (mdis) I (acc) N (acc) Z (acc) A (acc) A (acc) -H1 A (mdis) A (ydis) I (acc) I (mdis) I (ydis) N (acc) A (mdis) -H1 A (ydis) -H1 I (acc) -H1 I (ydis) -H1 N (acc) -H1 N (mdis) -H1 N (ydis) -H1 Z (ydis) -H1 GBP A (mdis) GBP I (mdis) GBP A (mdis) GBP-H1 I (mdis) GBP-H1 SGD A (mdis) SGD A (mdis) SGD-H1 HKD A (acc) HKD A (mdis) HKD CHF A (acc) CHF-H1 AUD I (acc) CHF-H1 A (mdis) AUD-H1 18

20 No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 16. Templeton Global High Yield A (acc) A (mdis) A (acc) A (mdis) I (acc) I (acc) N (acc) 17. Templeton Global Total Return A (acc) A (mdis) B (acc) B (mdis) C (mdis) A (acc) A (mdis) A (ydis) I (acc) I (mdis) A (acc) -H1 A (mdis) -H1 A (ydis) -H1 I (acc) N (acc) Z (acc) I (ydis) N (acc) I (acc) -H1 I (ydis) -H1 N (acc) -H1 N (mdis) -H1 N (ydis) -H1 Z (ydis) -H1 GBP A (mdis) GBP I (mdis) GBP A (mdis) GBP-H1 I (mdis) GBP-H1 SGD A (mdis) SGD A (mdis) SGD-H1 HKD A (acc) HKD A (mdis) HKD CHF I (mdis) CHF A (acc) CHF-H1 I (acc) CHF-H1 AUD A (mdis) AUD-H1 19

21 Money Market s / Liquid Reserve s No. Franklin Templeton Investment s Base currency Classes Alternative currencies Classes in alternative currencies Hedged Classes 1. Franklin U.S. Dollar Liquid Reserve 2. Templeton Euro Liquid Reserve 3. Templeton Euro Short- Term Money Market A (acc) A (mdis) B (mdis) C (acc) I (acc) N (acc) A (acc) A (ydis) I (acc) N (acc) A (acc) I (acc) N (acc) ** * This Share Class will be launched on 4 May 2012 or on such date as the Board may determine from time to time. ** This Share Class will be available for purchase on such date as the Board may determine from time to time. In respect of the Share Classes:- (acc) means no distribution of dividends shall be made but the net income attributable will be reflected in the increased value of the Shares; (mdis) means under normal circumstances, it is anticipated that distribution will be made monthly (following the end of each calendar month); (qdis) means under normal circumstances, it is anticipated that distribution will be made quarterly (following the end of each calendar quarter); and (ydis) means under normal circumstances, it is anticipated that distribution will be made yearly (normally in July/August each year). Class I Shares and Class X Shares may only be offered to institutional investors (as defined in the Luxembourg Prospectus). The Share Classes mainly differ in the types of charges imposed on them and in their dividend policy. Please refer to the sections SHARE CLASSES and DIVIDEND POLICY in the Luxembourg Prospectus for details. Note: The other funds (if any) of the Company and other Share Classes of the s referred to in the Luxembourg Prospectus which are not listed in the table above are currently not available for retail offer in Singapore. 3. Management and Administration 3.1 Directors The Board of Directors is responsible for the Company s management and administration, and has appointed the Investment Managers mentioned below. 20

22 3.2 Investment Managers / Sub-Advisors No. Investment Manager Sub-Advisor 1. Franklin Asian Flex Cap Franklin Advisers, Inc. Franklin Templeton Asset Management (India) Private Limited 2. Franklin Biotechnology Discovery Franklin Advisers, Inc Franklin Euroland Core Franklin Templeton Investment - Management Limited 4. Franklin European Core Franklin Templeton Investment - Management Limited 5. Franklin European Dividend Franklin Templeton Investment - Management Limited 6. Franklin European Growth Franklin Templeton Institutional, LLC - and Franklin Templeton Investment Management Limited (as Co- Investment Managers) 7. Franklin European Small-Mid Cap Franklin Templeton Institutional, LLC - Growth 8. Franklin Global Growth Franklin Templeton Institutional, LLC - 9. Franklin Global Real Estate Franklin Templeton Institutional, LLC Franklin Global Small-Mid Cap Franklin Templeton Institutional, LLC - Growth 11. Franklin Gold and Precious Metals Franklin Advisers, Inc Franklin High Yield Franklin Advisers, Inc Franklin Income Franklin Advisers, Inc Franklin India Franklin Advisers, Inc. Franklin Templeton Asset Management (India) Private Limited 15. Franklin MENA Franklin Advisers, Inc Franklin Mutual Beacon Franklin Mutual Advisers, LLC Franklin Mutual Euroland Franklin Mutual Advisers, LLC Franklin Mutual European Franklin Mutual Advisers, LLC Franklin Mutual Global Discovery Franklin Mutual Advisers, LLC Franklin Natural Resources Franklin Advisers, Inc Franklin Real Return Franklin Advisers, Inc Franklin Strategic Income Franklin Advisers, Inc Franklin Technology Franklin Advisers, Inc Franklin Templeton Global Allocation (structured as a multi-manager fund) Franklin Advisers, Inc Franklin Templeton Global Equity Strategies Franklin Advisers, Inc., Franklin Templeton Investment Management Limited, Templeton Global Advisors Limited, Templeton Asset Management Ltd and Franklin Mutual Advisers, LLC (as Co-Investment Managers) - 21

23 No. Investment Manager Sub-Advisor 26. Franklin Templeton Global Franklin Advisers, Inc., Franklin - amental Strategies Templeton Investment Management Limited, Templeton Global Advisors Limited and Franklin Mutual Advisers, LLC (as Co-Investment Managers) 27. Franklin Templeton Global Growth Franklin Templeton Institutional, LLC - and Value 28. Franklin Templeton Japan Franklin Templeton Investments Japan - Limited 29. Franklin U.S. Dollar Liquid Reserve Franklin Advisers, Inc Franklin U.S. Equity Franklin Advisers, Inc Franklin U.S. Focus Franklin Advisers, Inc Franklin U.S. Government Franklin Advisers, Inc Franklin U.S. Low Duration Franklin Advisers, Inc Franklin U.S. Opportunities Franklin Advisers, Inc Franklin U.S. Small-Mid Cap Franklin Advisers, Inc. - Growth 36. Franklin U.S. Total Return Franklin Advisers, Inc Franklin World Perspectives Franklin Advisers, Inc. - (structured as a multi-manager fund) 38. Templeton Asian Bond Franklin Advisers, Inc Templeton Asian Growth Templeton Asset Management Ltd Templeton Asian Smaller Templeton Asset Management Ltd - Companies 41. Templeton BRIC Templeton Asset Management Ltd Templeton China Templeton Asset Management Ltd Templeton Eastern Europe Templeton Asset Management Ltd Templeton Emerging Markets Balanced 45. Templeton Emerging Markets Bond Franklin Advisers, Inc. and Templeton Asset Management Ltd (as Co- Investment Managers) Franklin Advisers, Inc Templeton Emerging Markets Templeton Asset Management Ltd Templeton Emerging Markets Templeton Asset Management Ltd - Smaller Companies 48. Templeton Euro Government Bond Franklin Templeton Investment - Management Limited 49. Templeton Euro High Yield Franklin Advisers, Inc. and Franklin Templeton Investment Management Limited (as Co-Investment Managers) Templeton Euro Liquid Reserve 51. Templeton Euro Short-Term Money Market Franklin Templeton Investment Management Limited Franklin Templeton Investment Management Limited 52. Templeton Euroland Franklin Templeton Investment Management Limited

24 No. Investment Manager Sub-Advisor 53. Templeton European Corporate Bond Franklin Templeton Investment Management Limited, Franklin Templeton Institutional, LLC and Franklin Advisers, Inc. (as Co- Investment Managers) 54. Templeton European Franklin Templeton Investment Management Limited 55. Templeton European Total Return Franklin Templeton Investment Management Limited and Franklin Advisers, Inc. (as Co-Investment Managers) 56. Templeton Frontier Markets Templeton Asset Management Ltd Templeton Global (Euro) Franklin Templeton Investments - Management Limited 58. Templeton Global Aggregate Bond Franklin Templeton Investment - Management Limited 59. Templeton Global Balanced Franklin Templeton Investment - Management Limited and Franklin Advisers, Inc. (as Co-Investment Managers) 60. Templeton Global Bond (Euro) Franklin Advisers, Inc Templeton Global Bond Franklin Advisers, Inc Templeton Global Equity Income Franklin Templeton Investment Management Limited 63. Templeton Global Franklin Templeton Investment Management Limited - - Franklin Templeton Investments Australia Limited Templeton Global High Yield Franklin Advisers, Inc Templeton Global Income Franklin Advisers, Inc. and Templeton - Global Advisors Limited (as Co- Investment Managers) 66. Templeton Global Smaller Companies Franklin Templeton Investments Corp Templeton Global Total Return Franklin Advisers, Inc. Franklin Templeton Investment Management Limited Franklin Templeton Institutional, LLC 68. Templeton Growth (Euro) Templeton Global Advisors Limited Templeton Korea Templeton Asset Management Ltd Templeton Latin America Templeton Asset Management Ltd Templeton Thailand Templeton Asset Management Ltd - Franklin Templeton Investment Management Limited Franklin Templeton Investment Management Limited, originally incorporated in 1985, is an indirect but whollyowned subsidiary of Franklin Resources Inc. Franklin Templeton Investment Management Limited provides both equity and fixed income investment advisory services and has provided investment advisory services to various Franklin Templeton funds since Franklin Templeton Investment Management Limited, which has offices in Edinburgh and London, is part of the Templeton Global Equity Group and adheres strictly to its value-oriented, bottom-up approach to stock selection. As of 31 December 2011, Franklin Templeton Investment Management Limited has approximately US$16,745 million worth of assets under management. 23

25 Templeton Asset Management Ltd Templeton Asset Management Ltd is an indirectly wholly owned subsidiary of Franklin Resources, Inc., which operates as Franklin Templeton Investments ( FTI ), a global investment organisation with over 60 years of investing experience. FTI, through its subsidiaries, manages approximately US$704.3 billion as of 31 January 2011, and has offices in over 30 countries and employs more than 8,300 staff as at 31 December Franklin Templeton Investments is made up of renowned names in the investment management industry such as Franklin, Templeton and Mutual Series and other specialized investment teams, each with its own unique investment style and specialization. FTI is able to capitalize on the investment and research expertise of investment professionals worldwide to seek consistently superior performance in the long-term. Franklin Resources, Inc., listed on the New York Stock Exchange, is currently one of the largest publicly traded U.S. asset managers in terms of both assets under management and market capitalization. Franklin Templeton Investments marked its presence in Singapore with the set up of a research office in Templeton Asset Management Ltd was officially incorporated in September 1992 and was registered as an Investment Advisor with the Authority under the now repealed Securities Industry Act. Templeton Asset Management Ltd currently holds a Capital Markets Services Licence for fund management issued by the Authority pursuant to the Securities and Futures Act. Templeton Asset Management Ltd has been credited for providing innovative and creative investment products to the Singapore investing public since it pioneered Singapore s first umbrella and feeder fund, Franklin Templeton s, in Subsequently, it went on to launch the first emerging markets fund, the first life sciences fund and the first U.S. government securities fund in Singapore within a span of 5 years. Templeton Asset Management Ltd manages approximately US$39,665 million of assets as of 31 December Franklin Advisers, Inc. Based in San Mateo, California, Franklin Advisers, Inc. was formed in 1985 and is best known as a fixed income and money market specialist. Franklin Advisers, Inc. is a leading fixed income manager in the U.S., and forms part of the Franklin Fixed Income Group which was one of the pioneers in the development of U.S. Government Securities funds in the 1970s. The Franklin Fixed Income Group also introduced America s first state-specific and double tax-free income fund in In addition to its fixed income capabilities, Franklin Advisers, Inc. is also renowned for its expertise in U.S. equities, particularly in utilizing the growth style in equity investing. The Franklin Equity Group manages various sector-focused portfolios including financial services, biotechnology and utilities. The Franklin Equity Group and the Franklin Fixed Income Group adopt a synergistic approach by leveraging on each other s research and analysis to provide a more comprehensive coverage of their respective areas. Franklin Advisers Inc. has managed collective investment schemes since As of 31 December 2011, Franklin Advisers, Inc. manages approximately US$367,299 million worth of assets. Franklin Mutual Advisers, LLC Franklin Mutual Advisers, LLC, formed in 1999 in the United States of America, is known for its expertise in the U.S. and European equity markets, specializing in identifying special situation investments. Its opportunistic and deep-value style of investing for its Mutual Series s focuses on stocks trading at a deep discount to asset value, companies in the midst of change such as mergers and acquisitions, and securities that are distressed or even in bankruptcy. The managers from Franklin Mutual Advisers, LLC are also known for promoting shareholder activism and being involved in the management of the organisations that they hold so as to effect positive change in these organisations. Franklin Mutual Advisers, LLC has been managing the underlying Franklin Mutual Beacon since As of 31 December 2011, Franklin Mutual Advisers, LLC has approximately US$54,232 million of assets under management. 24

26 Franklin Templeton Institutional, LLC Franklin Templeton Institutional, LLC, formerly FTI Institutional, LLC until 1 October 2003, was formed on 9 October Franklin Templeton Institutional, LLC is registered as an investment adviser with the Securities & Exchange Commission in the United States. The registration was approved on 13 November As of 31 December 2011, Franklin Templeton Institutional, LLC has approximately US$6,313 million of assets under management. Franklin Templeton Asset Management (India) Private Limited Franklin Templeton Asset Management (India) Private Limited was incorporated in India on 6 October Franklin Templeton Asset Management (India) Private Limited was approved by the Securities & Exchange Board of India to act as an Asset Management Company on 19 February As of 31 December 2011, Franklin Templeton Asset Management (India) Private Limited has approximately US$6,079 million of assets under management. Franklin Templeton Investments Japan Limited Franklin Templeton Investments Japan Limited, formerly Templeton Investment Management Co., Ltd, was incorporated in September 1996 in Tokyo, Japan. It merged with Fiduciary Trust International, Inc., which is a wholly owned indirect subsidiary of Franklin Resources, Inc. Franklin Templeton Investments Japan Limited is registered in Japan as Franklin Templeton Investments Kabushiki Kaisha. Its purpose is to conduct investment advisory business and investment trust business with respect to domestic and foreign securities. Franklin Templeton Investments Japan Limited is registered as an investment advisor in Japan. As of 31 December 2011, Franklin Templeton Investments Japan Limited has approximately US$280 million of assets under management. Franklin Templeton Investments Corp. Franklin Templeton Investments Corp is an Ontario, Canada corporation formed via the amalgamation of Franklin Templeton Investments Corp, Bisset & Associates Investment Management Ltd and FTI Acquisition Inc., in December Franklin Templeton Investments Corp was incorporated in October Franklin Templeton Investments Corp is registered in all Canadian provinces and one territory as an adviser and as a mutual fund dealer with the Ontario Securities Commission and Alberta Securities Commission. It provides investment advisory, portfolio management, distribution, and administrative services under various management agreements with the funds in Canada and with private and institutional accounts. Franklin Templeton Investments Corp is registered as an Investment Adviser with the US Securities & Exchange Commission in December Franklin Templeton Investments Corp is a wholly-owned indirect subsidiary of Franklin Resources, Inc. As of 31 December 2011, Franklin Templeton Investments Corp has approximately US$11,258 million of assets under management. Franklin Templeton Investments Australia Limited Franklin Templeton Investments Australia Limited, formerly Templeton Investment Management (Australia) Limited until 28 February 2001, holds an Australian Financial Services Licence issued by Australian Securities and Investments Commission and a company incorporated in Australia under Australian Corporations Law. It is an investment manager and adviser to several funds and accounts. Franklin Templeton Investments Australia Limited is an indirect wholly-owned subsidiary of Franklin Resources, Inc. Franklin Templeton Investments Australia Limited manages approximately US$2,083 million of assets as of 31 December Templeton Global Advisors Limited Templeton Global Advisors Limited, formerly Templeton, Galbraith & Hansberger, Ltd., is a Bahamian corporation located in Nassau, Bahamas. Templeton Global Advisors Limited is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940 and with the Securities Commission of the Bahamas. The initial SEC registration date is September 22, As of 31 December 2011, Templeton Global Advisors Limited has approximately US$37,597 million of assets under management. 25

27 Investment Co-Managers The Franklin World Perspectives (structured as a multi-manager fund) and the Franklin Templeton Global Allocation (structured as a multi-manager fund) aim to achieve their investment objectives through the careful selection of two or more investment co-managers (the Investment Co-Managers ) by the Investment Manager. Such Investment Co-Managers may or may not be part of Franklin Templeton Investments (please refer to the sub-heading Templeton Asset Management Ltd under Paragraph 3.2 Investment Managers / Sub- Advisors for more information on Franklin Templeton Investments). The Investment Manager will also take part in managing the assets of the in addition to selecting and allocating to Investment Co-Managers. The Investment Manager will be responsible for the selection and appointment of two or more Investment Co- Managers in respect of the to delegate all or part of the day-to-day conduct of its investment management responsibilities and investment advisory services in respect of some or all of the assets of the. The Investment Manager shall allocate the assets of the between the Investment Co-Managers in such proportions as it shall, at its discretion, determine suitable to achieve the s objective. The Investment Manager remains responsible for the activities of the Investment Co-Managers in respect of the delegated investment management functions of the. The Investment Manager will monitor the performance of the Investment Co-Managers in respect of the in order to assess the need, if any, to make changes/replacements. The Investment Manager may appoint or replace Investment Co-Managers in respect of the at any time in accordance with any applicable regulations or notice periods. The Investment Manager is responsible for the selection of the Investment Co-Managers, the monitoring of the performance of the Investment Co-Managers and the monitoring of the risk management process implemented at the level of each Investment Co-Manager. The Investment Co-Managers may be replaced without prior notice to the Investors. The list of the Investment Co-Managers having acted for the during the period under review is disclosed in the semi-annual and annual reports of the Company. The list of Investment Co-Managers effectively managing the shall be made available upon request and free of charge at the registered office of the Company. The Investment Co-Managers may seek advice from other investment advisory companies affiliated to Franklin Templeton Investments. 4. Other PARTIES 4.1 The Singapore Representative Templeton Asset Management Ltd has been appointed by the Company to act as the Company s local agent in Singapore to accept service of process on behalf of the Company Templeton Asset Management Ltd has also been appointed by the Company to act as the representative for each (the Singapore Representative ) for the purposes of the SFA, and to carry out and provide certain administrative and other functions and services in respect of each. 4.2 Registrar and Transfer, Corporate, Domiciliary and Administrative Agent As the Registrar and Transfer, Corporate, Domiciliary and Administrative Agent, the Franklin Templeton International Services S.A. is responsible for processing the issue, selling and switching of Shares, the maintenance of accounting records and all other administrative functions ( Administrator ) as required by the laws of the Grand Duchy of Luxembourg. The Singapore Representative acts as the Administrator s agent in Singapore to provide the with registrar agent services in relation to the Singapore Investors. A copy of the register of Investors is kept at the registered office of the Singapore Representative at 7 Temasek Boulevard, #38-03 Suntec Tower One, Singapore and is available for inspection by investors, free of charge, during normal Singapore business hours. 4.3 Custodian J.P. Morgan Bank Luxembourg S.A. has been appointed Custodian of the Company s assets. 26

28 4.4 Auditors The auditors of the Company are PricewaterhouseCoopers Sàrl. 5. Investment OBJECTIVE, Focus and Approach of the s Franklin Asian Flex Cap Franklin Biotechnology Discovery Investment Objective, Focus and Approach The s investment objective is capital appreciation. The invests principally in equity securities including common stock, preferred stock and convertible securities, as well as in warrants, participatory notes, and depository receipts of (i) companies registered in the Asia Region (excluding Japan), (ii) companies which perform a predominant part of their business in the Asia Region (excluding Japan), and (iii) holding companies which hold a predominant part of their participations in companies referred to in (i) and (ii), all of them across the entire market capitalization spectrum from small to large-cap companies. The Asia Region (excluding Japan) includes but is not limited to the following countries/locations: Hong Kong, India, Indonesia, Korea, Malaysia, People s Republic of China, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan and Thailand. In addition, the may invest in all other types of transferable securities, including equity and fixed income securities of issuers worldwide. The s investment objective is capital appreciation. The invests principally in equity securities of biotechnology companies and discovery research firms (including small to mid-sized companies) located in the US and other countries, and to a lesser extent in debt securities of any type of issuers worldwide. For the s investment purposes, a biotechnology company is one that has at least 50% of its earnings derived from biotechnology activities, or at least 50% of its net assets devoted to such activities based on the company s most recent fiscal year. Biotechnology activities are research, development, manufacture, and distribution of various biotechnological or biomedical products, services and processes. This may include companies involved with genomics, genetic engineering, and gene therapy. It also includes companies involved in the application and development of biotechnology in areas such as health care, pharmaceuticals and agriculture. To the extent that the invests in debt securities, it generally buys securities that are rated investment grade or unrated securities that it determines to be of comparable quality. Investment grade debt securities are rated in the top four ratings categories by independent rating organisations such as Standard & Poor s Corporation or Moody s Investors Service, Inc. The anticipates that under normal conditions, it will invest more of its net assets in US securities than in those of any other single country although the may have more than 50% of its net assets in non-us securities. The Investment Manager may take a temporary defensive cash position when it believes the securities trading markets or the economies of countries where the invests are experiencing excessive volatility or prolonged general decline, or other adverse conditions. 27

29 Franklin Euroland Core Franklin European Core Investment Objective, Focus and Approach The s investment objective is capital appreciation. The seeks to achieve its investment objective by investing principally in equity securities of companies of any market capitalisation in Euroland countries. In selecting equity investments, the Investment Manager employs an active, bottom-up fundamental research process to search for individual securities believed to possess superior risk-return characteristics, taking into account both future growth potential and valuation considerations. The principally invests its net assets in the securities of issuers incorporated or having their principal business activities in Euroland countries (i.e. countries having adopted the euro as their national currency, the member states of the European Monetary Union). To ensure eligibility for the French Plan d Epargne en Actions (PEA), the invests at least 75% of its net assets in equity securities issued by companies which have their head office in the European Union. Since the investment objective is more likely to be achieved through an investment policy that is flexible and adaptable, the may also seek investment opportunities in other types of transferable securities, which do not fulfil the requirements set out above. The s investment objective is capital appreciation in the long term. The seeks to achieve its investment objective by investing principally in equity and/or equity-related securities (including warrants and convertible securities) of companies of any market capitalisation incorporated or having their principal business activities in European countries. Franklin European Dividend Since the investment objective is more likely to be achieved through an investment policy that is flexible and adaptable, the may also on an ancillary basis seek investment opportunities in equity-linked securities of the abovementioned companies as well as equity, equity-linked and/or equity-related securities of companies which do not fulfill the requirements set out above. The s investment objective is to provide a combination of current income and long-term capital appreciation. The seeks to achieve its investment objective by investing principally in equity and/or equity-related securities (including warrants and convertible securities) of companies of any market capitalisation incorporated or having their principal business activities in European countries. In particular, the seeks income by investing in stocks the Investment Manager believes offer attractive dividend yields at the time of purchase and/or the prospect for attractive dividend yields in the future. Since the investment objective is more likely to be achieved through an investment policy that is flexible and adaptable, the may also on an ancillary basis seek investment opportunities in equity-linked securities of the abovementioned companies as well as equity, equity-linked and/or equity-related securities of companies which do not fulfill the requirements set out above. 28